In today’s briefing:
- YPF 3Q25: Strong Operating Results as Shale Expansion Reduces Cost Base
- Lucror Analytics – Morning Views Asia
YPF 3Q25: Strong Operating Results as Shale Expansion Reduces Cost Base
- We maintain our Overweight on YPF, supported by lower lifting costs, mature-field divestments, and a strategic shift toward higher-margin unconventional production and key midstream and export projects.
- Improving macro conditions, stronger sovereign credit prospects, and reduced political risk post-elections should support investment, market access, and YPF’s medium-term credit profile.
- At current spreads, we find the 2029s and 2031s most attractive, offering compelling yields with limited duration risk and trading wide to peers despite tighter historical averages.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H), West China Cement, China Hongqiao, Xiaomi Corp
- UST yields declined yesterday, led by the front end, following soft data from the ADP’s weekly employment gauge. The UST curve bull steepened, with the yields on the 2Y UST and 10Y UST decreasing 4 bps to 3.57% and 3 bps to 4.11%, respectively. Equities slumped on a sell-off in large tech stocks. The S&P 500 fell for a fourth straight day, dropping 0.8% to 6,617.
- Richmond Fed President Tom Barkin (who is a non-voting member this year) said that the labour market may be weaker than the data suggested, adding that he believes “inflation remains somewhat elevated but isn’t likely to increase much”.
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